PayMate India, a B2B payments and service provider with reputable investors such as Visa & Lightbox, today announced that it has entered into a binding term sheet for the potential acquisition of DigiAsia Bios Pte Ltd., Singapore, Fintech-as-a-Service (FaaS) company in Indonesia and a fully owned subsidiary of DigiAsia Corporation.
Under the terms of the Proposed Transaction, an enterprise valuation of $400 million for DigiAsia’s business has been determined.
Additionally, post the Proposed Transaction, PayMate intends to invest up to $25 million in cash, the aggregate financing structure and terms will be finalized in mutual agreement.
”PayMate and DigiAsia will continue joint due diligence on both entities, identification of the right transaction structure, entering into definitive agreements and the necessary corporate and regulatory approvals of PayMate and DigiAsia which is expected to take up to 60 days. Subsequent to the closing of the Proposed Transaction, PayMate intends to initiate proceedings to list the combined entity in India,” PayMate India said in a press release.
PayMate simplifies and digitizes B2B payment processes, optimizing working capital, and ensuring timely supplier payments. PayMate’s solutions encompass Accounts Payable, Accounts Receivable, Invoice Discounting, Cross Border and Embedded Finance.
In FY24, PayMate processed $10.5 billion in transactions, serving over 522,000 customers worldwide. With a strong presence in India, CEMEA, and APAC regions, PayMate is the trusted partner for businesses seeking to streamline payment processes.
DigiAsia’s fintech architecture offers small and medium business enterprises (SMEs) comprehensive embedded finance APIs to streamline processes across the commerce value chain of distributors and customers.
The suite of B2B2X solutions provided by DigiAsia includes, but are not limited to, cashless payments, digital wallets, digital banking, remittances and banking licenses.
DigiAsia has recently established a strategic initiative to develop its embedded FaaS enterprise solution with AI capabilities in Southeast Asia, India, and the Middle East, with plans for global expansion.
